Civics module 13

Madison Bonser

1791 Bank of the US

Was proposed by Hamilton to be the national bank for the new world. James Madison argued that it gave the country to much power over economics and eventually failed.

1816 Second Bank of the US

It was started with the same responsibility as the first bank but was ridden with poor management causing it to fail rapidly never having a simple success that the first bank had. The charter was never renewed in 1836 so the bank failed.

Civil War

The paperbacks in the Civil War times were green backs that issued by the United States. There were two forms that were issued at separate times during the Civil War.

1863 Banking Acts

The banking acts put a regulation on the banking system for the nation. They had put a national charter on to supervise the banking industry that was starting. This was for circulation of the uniform money that had been put into place.

1913 Federal Reserve Act

In 1913 the government created the Federal Reserve Act that is in place today. It was created to establish economic stability in the country. It was introduced through the Central Bank and would be in charge of the monetary policy for the country.

1930's Great Depression

In the 1920's bank failure was a common occurrence as the stock market fell people ran to get their money in the bank before they would lose it all. With people running and taking money that the bank did not have on hand for everyone millions lost money in those bank. In the 30's there was no deposit insurance so there was no way to get the money they lost.

1982

In the 80's there was one of the biggest global credit disasters in history. While the S&L crisis was smaller then the 20's and 30's banking crisis the 80's tends to get overlooked. Bank failure was on the rise once more in the 80's causing many to lose well saved money in the banks. This caused legislature to make a move on the banking failures.

1999 Gramm-Leach-Bliley Act

This was a regulation put in place to modernize the financial situation in the 90's for the turn of the century. The main function was the Glass-Steagall Act saying that banks cannot offer other financial services.